SUMMER 2023

A word of advice…

Research shows the benefits of financial advice stretch beyond simply number-crunching.

A recent survey found that people who had taken financial advice were more confident when it came to  lanning their future and thinking through the difficulties that often surround ageing, including illness, long-term care or loneliness.

These are issues that most of us find difficult to contemplate: no one likes to think about themselves, or a loved one, falling ill for example. But this research suggests those who have actively planned for the future feel less anxious or uncomfortable confronting these topics.

Making a financial plan, with or without an adviser, can also help people feel more positive about their current situation. The research, by Standard Life in their ‘Retirement Voice 2022’ survey, found this doesn’t just apply to wealthier savers and investors, but those across the income spectrum.

Lack of understanding

Despite these positive outcomes, however, it is clear many people find financial planning difficult on their own. This research found 72% are doing little, if anything to plan for their retirement — and may end up not only  poorer, but more stressed about their finances as a result.

People find retirement planning particularly difficult. Half of consumers surveyed said they found information on pensions ‘overwhelming’, and two in five said they had no idea what to do next with pension information and statements.

And pensions aren’t the only financial products people find difficult to understand. A separate survey, by the Financial Services Compensation Scheme, found that almost half of investors wished they’d spent more time researching investment products.

We obviously believe in the benefits of taking personal, expert financial advice when seeking out products and drawing up a plan to meet your goals. And now the research proves it.

In this issue:

The income choice in retirement

Rising inheritance tax take

The new pension allowance landscape

Deposit protection comes under review

CGT rules relaxed for separations

Your self-employment checklist

News in brief